Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities    
Net loss $ (4,428) $ (1,068)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion expense, convertible notes 1,886 0
Non-cash interest expense 278 248
Stock-based compensation expense 192 10
Amortization of debt issuance cost 0 28
PPP loan forgiveness (22) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (779) (25)
Accounts payable, accrued expenses and other current liabilities (357) 207
Net cash used in operating activities (3,230) (600)
Cash Flows From Financing Activities    
Proceeds from sale of equity in IPO, net 14,713 0
Proceeds from issuance of convertible notes 1,715 617
Proceeds from PPP & EIDL Loans 0 22
Repayment and interest paid on short-term loans (30) (20)
Net cash provided by financing activities 16,398 619
Net increase in cash 13,168 19
Cash – Beginning of the year 24 5
Cash – End of the year 13,192 24
Supplemental Disclosures of Cash Flow Information:    
Taxes paid 0 0
Interest paid 0 4
Conversion of debt to equity 6,288 0
Debt discount 1,886 0
Common stock and awards accrued but not issued 456 0
Non-cash - accounts payable converted to short term debt 0 30
Conversion of short-term notes to convertible notes $ 0 $ 22